NAMB, Credit Bureau Form Education Alliance

The National Association of Mortgage Brokers has announced the signing of a memorandum of understanding with PRBC, a national credit bureau, to educate consumers on how to document their creditworthiness with commonly recurring bill payments."It is estimated that more than 70 million Americans make rental, mortgage, and other recurring bill payments that are not reported to traditional credit bureaus," said Michael Nathans, founder and chairman of PRBC. "As a result, these consumers often have lower credit scores than they should, and pay more for housing, credit, and insurance than they deserve." The organizations said the partnership will educate mortgage brokers in how to enroll low- and no-credit-score prospects in the PRBC service and to qualify more applicants for affordable homeownership and better rates on auto loans and insurance. The organizations can be found online at http://www.namb.org and http://www.prbc.com.